Crypto Users in Europe Prefer Decentralized Services, Bank of Spain Says
The Central Bank of Spain recently conducted research that found that DEXs and unbacked cryptocurrencies are becoming more popular in Europe.
The Bank of Spain released a study on cryptocurrency use in Spain and Europe over the last year on April 26.
cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are not backed by any central authority (ETH). For the first time ever, the European Region’s total number of cryptocurrency transactions has surpassed that of the United States, according to Spain’s Central Bank.
Cryptoassets accounted for over a quarter of Europe’s GDP (4.9 percent) and a tenth of its total financial assets (0.9 percent). Europe now accounts for more than 25% of the world’s total. Europeans are enamoured with decentralised applications and cryptocurrency without a central authority.
Unbacked cryptocurrencies are more popular among Europeans, according to the survey, with BTC and ETH transactions accounting for almost 60% of all transactions in the last year. Overall interest in altcoins that are not Ethereum accounted for around 15% of the total.
Decentralized services (services that do not need an intermediary) are preferred by 64 percent of Spaniards, according to the European Central Bank (ECB). In contrast, in the rest of Europe, just 53% of people utilise these services on a daily basis.
Since the legal framework encourages people and traders to look for alternatives, the popularity of centralised exchanges like Binance and Bit2me in Europe isn’t going away. In order to fill this need, there are services such as Uniswap, Pancakeswap, Sushiswap, and others.
Criminals seem to have little interest in cryptocurrency. There was barely 1% of all bitcoin transactions between July 2020 and June 2021 that were unlawful, according to the research.
How Crypto-Friendly Are Europe’s Countries?
The Netherlands, Germany, and Spain round out the top four European countries in terms of transaction volume, according to the research.
These outcomes were predicted. To Invezz’s own research, France is the “best country to trade bitcoin,” according to this analysis.
The re-elected President of France is one of Europe’s few pro-bitcoin leaders, Emmanuel Macron. When speaking to a member of the press in his hometown, he discussed the possibility of establishing a European metaverse in which cryptocurrencies might be controlled without impairing or inhibiting their growth.
Our cultural and creative assets must be developed as a part of the European metaverse-building process. Using the metaverse in music, art displays, and other forms of entertainment is a huge opportunity for the metaverse. Without this transformation, we can’t talk about our cultural policy.”
As a result, if Macron follows through on his pledges to establish a legislative framework that supports the crypto business and encourages innovation in the Web3 space, France might take the lead in European cryptocurrency.